BADBIRDCAGE

Why do you need to "hide" the money? Put it in a safe at your home; put it in a safe deposit box at a bank. Spend it as you like.

Rich

rayvaflav

I like it. Buy an old Mustang and put the other $70,000.00 in the glovebox.

Ray

Dan Hampton

He is a long way past Section 1031 on Exchanges.

guess I don't understand, why should he have to pay tax on it? He's the one who sold it. As long as he's not a dealer, what's the problem?

Can't it be considered like a house that appreciated? With a house, if you keep it longer than 2 years and it was your primary residence, you don't pay any tax on the money you made on it when you sold it.

For one it is not a residence and the tax treatment is not treated as such. The worse he is going to do is pay 20% on the difference between the sales price and his basis. Pay the tax and be done with it.

Nitrodamus

$75,000?

That would be about 5 - 1,000 oz. Silver Bars and put it in your basement.

Gimme1MoreC1

That is providing 20 paces is NOT on your neighbor's property!

I like my safe deposit box at the bank. Access is not like having it at home, but what are the chances that you will need 75 large on a Sunday?

simard

Hmmm.... I have a place. Trust me.

lspencer534

I still don't understand why he would have any tax liability. I my State, this would be considered a 'casual sale' between individuals and not taxable. Is the OP a car dealer?

remotecontroller

I see an audit in your future....

Nowhere Man

you just never know what someone will be driving to church

1snake

It's a federal issue called Capital Gains and MUST be declared as income. And no, losses can't be written off.

Jim

Snohomish Vette

Ray,
What have you gone and bought now??????? Bill

knight37128

taxes will be paid when it is titled in the new owners name. how many times are you going to tax it?

capital gains is 25% and income (at least mine) is 42%. hmmm which should I pay?

posting on the interwebz for the world to see = priceless

1-2-b-67L89

Hide it I'd get it placed in my banking account
Or I will gladly watch it for you
Rick, congratulations on the sale of your 67
Now, you going to be looking for something in the future

jdk971

put it in the bank. i would deposit 5k or less at a time over a peroid of
months. feds look at large deposits esp after 9-11. jim

PAmotorman

i would start by checking the bills to make sure they are not counterfeit as there are some pretty good fakes out there these days,

Glasshole

Am I the only one thinking......"Who the hell carries around $75,000 in cash to buy a car". Sounds like obvious drug money to me. I would be very wary of anyone who paid "cash" for any vehicle over $10,000 since bank drafts, electronic transfers etc are so easy to do now a days. My biggest concern would be that they come back to get the cash in the very near future.

Bob

robert miller

Dont tell him that he may be doing it at the moment.

1snake

I bought a car for $60K and the owner only trusted cash. In today's world of fraud, I can't say that I blame him. Fortunately, I trusted the seller, I carry a concealed weapon and brought a friend that does also. Everything was fine.

Jim

Frankie the Fink

I've known several legitimate, well-heeled Wash DC businessmen who have paid cash for hi-end, luxury cars without batting an eye...there are those who get a kick out of counting out a big wad of bills in front of some wide-eyed salesman.

More unbelievable to me is somebody asking for information via the Internet on how to launder funds from a big-money transaction.

Sounds like somebody just messing around for kicks..

Kerrmudgeon

I guess the guy was a commodities broker, nes pas?
__________________ ________